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Recommendations for storing cryptocurrencies
Recommendations for storing cryptocurrencies
Kuna support 4 avatar
Written by Kuna support 4
Updated over a week ago

In order to minimize the likelihood of your funds being hacked, follow our recommendations.

The best thing to use for this is Trezor or Ledger cold hardware wallets. However, these only allow the storage of certain types of cryptocurrency.

Another option for storage is to use a mobile wallet on a smartphone, installed on a new separate device that is dedicated to cryptocurrency use only - so that all remaining actions such as calls, internet, games, communications and all other tasks will be done from your other device. With this system, you will have two smartphones: one for your general use and the second as dedicated storage for cryptocurrency. No other software should be installed on this device. Additionally, you should not set up root-access on an Android device or carry out a jailbreak for iOS. 

This second smartphone must only stay logged into the internet for short periods at a time for making transactions, and at all other times must be offline - therefore you will be creating a device for cold storage of cryptocurrency. There is now a broad range of inexpensive smartphones to choose from.  

Follow these recommendations, to minimize the possibility of losing funds to hackers or malware. 

Remember, that the most vulnerable place in the cryptocurrency system is you - the user. Hackers and scammers are able to tactfully use their communication skills to gain your trust.

Learn how cryptocurrencies work, what private keys are and how to store them. Never carry out transactions in a hurry - always check what and to where you are depositing: both funds and addresses. Don’t share your private keys, passwords or any other sensitive information with anybody.  

Use a separate email address for registration on cryptocurrency exchanges and other services, and also separate passwords for each of them. It is true that it may seem an inconvenience, but simplicity and safety are contrasting features: Remember that with simplicity, the trade-off may be less security. 

When creating a new wallet for cryptocurrencies on your devices write down the password and also the seed phrase - remember that, this in fact holds value just like your money, because it is only with the seed that you can regain access to your wallet in the case of losing your device (with the wallet on it) or in the case of a system’s failure. 

Store the seed and password separately from the wallet, on another device in encrypted form or on paper in such a way to provide 100% security to the carrier and restrict access to other individuals. Another option is to use a USB drive, which you can store in a secure place so that nobody can remove it and overwrite the data on it. 

You hold responsibility for the storage of your funds.

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